InCred Financial Services has closed the merger of its business with KKR India Financial Services (KIFS) in a bid to set up a major non-banking finance company in India.

The merged entity will operate under the brand name of InCred Finance, with a $600m balance sheet and approximately $300m in equity volume.

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InCred Finance represents a strategic investment for KKR and will not operate as a portfolio unit in a KKR fund.

To be supervised by InCred Group founder and CEO Bhupinder Singh, the new company is expected to provide the retail borrowers as well as micro, small and medium enterprises (MSMEs) with lending services.

Creation of the new entity is also expected to bolster the retail lending platform previously developed by InCred Finance, which supports risk-management and collections activities, and includes new technologies to improve operational capabilities.

InCred Group founder and CEO Bhupinder Singh said: “InCred Finance’s business has emerged in great shape from the pandemic delivering top notch risk performance.

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“The strategic partnership with KKR significantly accelerates our ability to deliver our class leading offerings at a large scale and to capitalise on the enormous credit opportunity in India.”

Established in 2016, InCred Finance is a lending platform that uses both online and offline methods for consumer lending, small business lending and education finance.  

The company, which is backed by several global and other local investors such as INVESTCORP, OAKS, Moore Capital etc, is said to have a loan book portfolio of around $500m.

In August 2020, InCred Asset Management announced the purchase of Vishuddha Capital Management to enter Indian asset management sector.

Set up by fund manager Aditya Sood in 2018, Vishuddha Capital is an equity-based alternative investment fund (AIF).